I was afraid this day would arrive, and so it has. Borders books is liquidating, meaning they're going out of business. Come September, the remaining 399 stores will close and the close to 11,000 employees will lose their jobs.
"Publishers said that with Borders gone, they would plan for smaller print runs and shipments. Employees at major publishing houses worried about layoffs because many companies have staff members who work only with Borders.
The closing could particularly hurt paperback sales. Borders was known as a retailer that took special care in selling paperbacks, and its promotion of certain titles could propel them to best-seller status.
When it filed for bankruptcy protection in February, Borders owed $272 million to its 30 largest unsecured creditors, including Penguin Group USA, Hachette Book Group, Simon & Schuster, Random House, HarperCollins and Macmillan.
Most publishers were unwilling to restore normal trade terms to Borders after the bankruptcy filing and insisted on being paid for books in cash and in advance.
The closings will almost certainly be a boon for Borders’ competitors. Other national book chains, like Barnes & Noble and Books-A-Million, could move into stores vacated by Borders. Some competing bookstores are already nearby. A spokeswoman for Barnes & Noble said that 70 percent of Barnes & Noble’s stores are within five miles of an existing Borders store.
Independent bookstores, historically the foes of the big chains, stand to benefit from the closings of Borders stores. That effect has already begun to be seen all over the country from the Borders stores that closed earlier this year."
I'll always have fond memories of Borders, for it helped with my romance reading addiction. I usually ended up at Borders twice a week. I'd be there on Tuesdays to search for any new releases and then on Saturday in case I missed any. I'd roam the aisles, giddy by the large section of romances Borders had. The majority of my beloved keeper books on my bookshelves were bought from Borders.
RIP Borders, you will be missed. I don't want to imagine what this means for the publishing industry and with rumors of Barnes and Noble not doing well either, there's bound to be some dark days ahead.